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British Pound Heads Lower as US Dollar Pulls Back Recent Losses

British Pound Heads Lower as US Dollar Pulls Back Recent Losses

2017-01-10 12:45:00
Nicholas Cawley,
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Talking Points

- The US Dollar hauls back some of its recent losses against the Euro.

- The British Pound still under downward pressure as Brexit looms.

- See the DailyFX Economic Calendar and see what live coverage for key event risk impacting FX markets is scheduled for the week on the DailyFX Webinar Calendar.

The British Pound moved lower on ongoing Brexit worries Tuesday, while the US Dollar recouped some of its recent losses as investors wait for President-elect Donald Trump’s first press conference Wednesday. While Trump’s Twitter account has been active since he won the keys to the White House and given clues to his policies, tomorrow’s press conference will give Trump the platform to add more meat to the bones of his tax and spending plans.

EUR/USD traded back down below 1.0590 after hitting an overnight high of 1.0627 and remains close to January’s 1.0338 low. A break below this could take the pair back to levels last seen in early-2003.

Chart: EUR/USD 5-Minute Timeframe (January 9-10, 2017)

British Pound Heads Lower as US Dollar Pulls Back Recent Losses

Across the pond, GBP/USD continues to probe the downside as PM Theresa May’s plans for Brexit come under increasing scrutiny. PM May, who has stated that Article 50 will be triggered by the end of March, is under pressure from the electorate to outline the government’s plans for leaving the EU. PM May and her negotiating team, however, are reluctant to give too much away ahead of the tricky divorce proceedings.

The UK currency continues to be dominated by political uncertainty despite recent data showing the UK economy seemingly in good health. The FTSE 100, aided by the weak currency, made a fresh record high in early trade, while the domestically-oriented FTSE 250 also traded in uncharted territory as equity investors shrug off Brexit fears and focus on the recent strong economic releases.

Chart: GBP/USD 5-Minute Timeframe (January 9-10, 2017)

British Pound Heads Lower as US Dollar Pulls Back Recent Losses

Read more: FX Markets Turn Attention to Chinese and US Data, Fed Speakers this Week

--- Written by Nick Cawley, Analyst

To contact Nick, email him at Nicholas.cawley@ig.com

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